Retail fundamentals showing signs of distress
Key Takeaways:
- Henrico County has approved plans and has proceeded with next steps for an indoor sports complex at Virginia Center Commons. The county sanctioned $8.3 million to purchase 25 acres of land to develop the 4,500-seat center containing 12 basketball courts. Final approvals are slated for June of 2021.
- JC Penney closed their store in Regency Mall and sold the building to the developers, Rebkee and Thalhimer Realty Partners for $3 million. Although plans have not yet been made for the space, the mall has made strides to adapt to the shift in consumer preferences for experiential retail, as the mall introduced its first new anchor in October - an indoor trampoline park.
- Burlington and Hobby Lobby have signed on to anchor Bermuda Square Shopping Center in Chesterfield. Both stores opened at the end of the year. These moves highlight the increase in activity of discount retailers in the market. Brands such as TJ Maxx, Marshalls, and Ross have become increasingly popular during the pandemic as the economic uncertainty has increased the price sensitivity of shoppers.